Global Artificial Intelligence Market: Snapshot
Globally, there is a wave of artificial intelligence across various industries, especially consumer electronics and healthcare. The wave is likely to continue in the years to come with the expanding base of applications of the technology. The global market for artificial intelligence is expected to witness phenomenal growth over the coming years as organizations worldwide have started capitalizing on the benefits of such disruptive technologies for effective positioning of their offerings and customer reach. In addition, the increasing It spending by enterprises across the globe for better advancements in their services and products.
According to a study by Transparency Market Research (TMR), the global market for artificial intelligence is estimated to post an impressive 36.1% CAGR between 2016 and 2024, rising to a valuation of US$3,061.35 bn by the end of 2024 from US$126.14 bn in 2015. The upward growth of the market is, however, hampered by the low upfront investments. The majority of companies operating in the market are facing difficulties in accumulating funds for early stage research and development of prototypes and their underlying technologies. The dearth of personnel with adequate technical knowledge is also restricting the market from realizing its full potential.
Expert Systems to Lead Revenue Generation through 2024
On the basis of type, the report segments the global artificial intelligence market into digital assistance system, expert system, embedded system, automated robotic system, and artificial neural network. The expert system segment was at the forefront of growth in 2015, representing 44% of the overall market revenue and is poised to maintain its dominance until 2024. The growth of the segment can be attributed to the rising implementation of artificial intelligence across various sectors such as process control, monitoring, diagnosis, design, planning, and scheduling.
Digital assistance is estimated to be the most promising segment in terms of revenue during the review period. The proliferation of portable computing devices such as tablets and smartphones is the primary factor propelling the growth of the segment. Based on application, deep learning held the lion’s share of 21.6% in the global market in terms of value in 2015, closely trailed by smart robots. The demand for artificial intelligence in image recognition is likely to rise at a noteworthy rate over the forecast horizon.
Domicile of a Raft of Leading Players to Fuel North America’s Dominance
North America was the major revenue contributor in 2015, accounting for approximately 38.0% of the overall market. The domicile of a large number of the leading technology firms enables early introduction and high acceptance of artificial intelligence in the region. Moreover, high government funding is playing a pivotal role in the technological development of artificial intelligence in the region. The widening scope of applications the technology in various verticals, including media and advertising, retail, BFSI, consumer electronics, and automotive are also contributing the market in North America. Owing to these factors, the region is expected to retain its leadership through 2024.
On the other hand, the Middle East and Africa is anticipated to exhibit a remarkable CAGR of 38.2% during the forecast period, which is higher than any other region. Rapid technological innovations, including robotic automation and increasing implementation of concepts such as smart cities are boosting the adoption of artificial intelligence in the region. Ongoing infrastructure projects such development of new airports are rendering the market in MEA highly opportunistic.
Some of the prominent participants in the global artificial intelligence market are Nuance Communications, MicroStrategy Inc., QlikTech International AB, Google Inc., IBM Corporation, Microsoft Corporation, Brighterion Inc., Next IT Corporation, IntelliResponse Systems Inc., and eGain Corporation.
The “Artificial Intelligence Market” report provides analysis of the global artificial intelligence market for the period 2014–2024, wherein the years from 2016 to 2024 is the forecast period and 2015 is considered as the base year. The report precisely covers all the major trends and technologies playing a major role in the artificial intelligence market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Bn), across different geographies, which includes Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA).
The market overview section of the report showcases the market’s dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. Moreover, the report provides the overview of various strategies and the winning imperatives of the key players in the artificial intelligence market and analyzes their behavior in the prevailing market dynamics.
The report segments the global artificial intelligence market on the types of artificial intelligence systems into artificial neural network, digital assistance system, embedded system, expert system, and automated robotic system. By application, the market has been classified into deep learning, smart robots, image recognition, digital personal assistant, querying method, language processing, gesture control, video analysis, speech recognition, context aware processing, and cyber security. Thus, the report provides in-depth cross-segment analysis for the artificial intelligence market and classifies it into various levels, thereby providing valuable insights on macro as well as micro level.
The report also provides the competitive landscape for the artificial intelligence market, thereby positioning all the major players according to their geographic presence, market attractiveness and recent key developments. The complete artificial intelligence market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the artificial intelligence market’s growth.
QlikTech International AB, MicroStrategy Inc., IBM Corporation, Google, Inc., Brighterion Inc., Microsoft Corporation, IntelliResponse Systems Inc., Next IT Corporation, Nuance Communications, and eGain Corporation are some of the major players which have been profiled in this study. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players has been provided as part of company profiling.
- Below is the list of acronyms used in the report:
- SMAC – Social, Mobile, Analytics, and Cloud
- IoT – Internet of Things